Performant Healthcare (NASDAQ:PHLT) Coverage Initiated at JMP Securities

JMP Securities began coverage on shares of Performant Healthcare (NASDAQ:PHLT - Free Report) in a research report sent to investors on Thursday,Benzinga reports. The brokerage issued a market outperform rating and a $8.00 price objective on the stock.

Separately, B. Riley raised shares of Performant Healthcare to a "strong-buy" rating in a research report on Wednesday, March 12th.

Performant Healthcare Stock Performance

NASDAQ PHLT traded down $0.21 during trading on Thursday, hitting $4.10. The stock had a trading volume of 242,161 shares, compared to its average volume of 237,748. Performant Healthcare has a 12 month low of $2.17 and a 12 month high of $4.44. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.56 and a quick ratio of 2.56. The company has a 50-day moving average price of $3.24. The firm has a market cap of $321.07 million, a P/E ratio of -51.25 and a beta of 0.37.

Performant Healthcare (NASDAQ:PHLT - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.02 EPS for the quarter, topping analysts' consensus estimates of ($0.02) by $0.04. Performant Healthcare had a negative net margin of 4.62% and a negative return on equity of 6.68%. The business had revenue of $33.27 million for the quarter, compared to analyst estimates of $29.92 million. As a group, equities analysts anticipate that Performant Healthcare will post -0.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Performant Healthcare

In other news, Director Lisa Im sold 180,867 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $3.25, for a total value of $587,817.75. Following the completion of the sale, the director owned 1,229,413 shares of the company's stock, valued at approximately $3,995,592.25. This represents a 12.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 9.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Performant Healthcare

Institutional investors have recently added to or reduced their stakes in the company. Salem Investment Counselors Inc. acquired a new stake in Performant Healthcare in the second quarter valued at $248,000. Range Financial Group LLC acquired a new stake in Performant Healthcare in the 2nd quarter valued at about $80,000. Mirador Capital Partners LP bought a new position in Performant Healthcare during the second quarter worth about $9,698,000. Finally, CWC Advisors LLC. bought a new position in Performant Healthcare during the second quarter worth about $384,000. 77.15% of the stock is currently owned by institutional investors and hedge funds.

Performant Healthcare Company Profile

Performant Healthcare, Inc engages in the provision of technology-enabled audit, recovery, customer care, and related analytics services. Its services help identify improper payments, and in some markets, restructure and recover delinquent or defaulted assets and improper payments for both government and private clients.